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Sunday, Feb 5, 2023

Transactions Fit, Work Out for Valley-based Brokers

Bally Total Fitness in Chatsworth sits on two properties on DeSoto Avenue and the portion of the health club that is shared with Beginyan, Inc. ceramic tile showroom was sold. Eli Anishban, principal of Precision Properties LLC, represented an unnamed private investor in the $3.75 million sale of the 16,000 -square-foot parcel at 9119 De Soto Ave., Chatsworth. The buyer, Rosswood Villa Apartments LLC, was represented by Linda Kaye of RE/MAX Commercial, Woodland Hills. The Bally’s portion of the 40,000-square-foot property is 8,000 square feet of sales offices, plus a much-needed 40 parking spaces. The L-shaped property has an easement allowing movement between the units. The deal was begun late last year. Anishban described the transaction as “smooth.” He represented the seller when they purchased the property about three years ago. Additionally, Precision has recently handled transactions of another approximately 55,000 square feet of industrial building space in the Valley. This includes representing Eddies Perfume Inc. in its relocation from downtown Los Angeles after they acquired an approximately 15,000-square-foot industrial condominium at 19855 Nordhoff St. in the Northridge Business Center. Anishban also helped American Professional Ambulance in its acquisition of a 7,200-square-foot industrial building on 30,000 square feet of land, at 16945 Sherman Way, Van Nuys. The purchase price was $2.3 million. Seller Community Charter School was represented by Ed Palmer of Grubb & Ellis. Megawine, Inc. was represented by Precision in its five-year lease of an 11,990-square-foot portion of a larger concrete tilt-up industrial facility at 14718 Raymer St., Van Nuys. Yair Haimoff of NAI Capital represented the landlord. Anishban also helped Robert Allen Family Trust in its acquisition of a 12,589-square-foot parcel of land, zoned M-2, at 7259 Fulton Ave., North Hollywood, for $880,000. The buyer will use the property for storage purposes associated with their business. The seller was the Seropian Family. Manufacturer’s New HQ in Valencia Galaxy Die & Engineering acquired a building located on over an acre of land in the Valencia Industrial Center, a 1,117-acre business park. The 28,913 -square-foot building was purchased for $3.4 million. The firm plans a second quarter occupancy and expects to employ approximately 50 people at the site. The company’s new Valencia headquarters is a concrete tilt-up structure featuring over 9,000 square feet of office space, 18-feet minimum clear height, three ground-level doors and on-site parking for 56 cars. Joel Hutak and Kevin Cooper, of Delphi Business Properties, Inc., represented Galaxy Die & Engineering. Kevin Tamura and Mike Corbin of Daum Commercial Real Estate Services represented TENIR LLC, the seller. Privately-held Galaxy is a leading manufacturer of aircraft components, including bushings and bearings. In addition to manufacturing Galaxy produces computer terminal rod end bearings, sleeve bearings, spherical bearings, pillow block bearings, needle bearings, and hanger bearings. AMCAL Expands Agoura Hills-based AMCAL Multi-Housing, Inc., one of California’s builders of workforce and low-income housing, opened a new satellite office in Orange County. Located in Irvine, AMCAL’s new office will be responsible for the firm’s development activities in Orange and San Diego counties. Mario Turner, director of development, has been selected to manage all Irvine office activities. AMCAL’s Fresno office is also experiencing growth with the addition of two new staff members, Craig R. Smith and Janet Rodriguez. Since 2003, AMCAL has been awarded over $231 million in low-income housing tax credits for funding on 1,243 units. AMCAL currently has several family affordable and senior affordable apartment developments currently under construction including an 81-unit community in Palmdale. NAI Brokers Network The NAI Capital Investment Network was launched at the start of the year to connect NAI Capital’s top brokers from their regional offices with clients requiring specialized investment services. Members in the NAI Capital Investment Network have collectively closed $6 billion in investment real estate transactions. Lee Black, executive vice president with NAI Capital’s Encino office and Deborah Luedy CPM, senior vice president with the firm’s Pasadena office have been invited to join the network dubbed GET IN. Black recently represented LBA Realty, Inc. in the sale/leaseback investment purchase of a 261,000-square-foot office building (the Verizon Building) located on 22 acres of land at 112 S. Lakeview Canyon Road in Thousand Oaks, and a 108,000-square-foot industrial building located on 15 acres in Everett, Washington. Luedy along with GET IN broker, Scott Martin SIOR of NAI Capital’s Pasadena office recently represented Virtu Commercial, LLC in the purchase of a 140,000-square-foot office building located in Indianapolis, IN from GPI Retail Properties II LP in a transaction valued at $16.5 million. Senior Reporter James Hames can be reached at (818) 316-3123 or at jhames@sfvbj.com.

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